Both players suited up for the New York Knicks last season. Smith was the league's Sixth Man of the Year award winner after averaging 18.1 points and 5.3 rebounds a contest. Copeland averaged 8.7 points in 56 games during his rookie campaign.

Smith is an unrestricted free agent and Copeland is a restricted free agent. The Knicks can match offers after having extending Copeland a qualifying offer on Tuesday worth $988,872 for one season. Smith can make up to $5.58 million with Early Bird rights if he stays in New York.